Wiblo’Big Bang Mecha-10 P2P’
Swiss luxury watch brand Hublot, which has a maniac with a sleek and masculine design, released’Bitcoin Watch’ in 2018. In commemoration of the 10th anniversary of Bitcoin’s birth, a large bitcoin picture engraved on the dial (clock plate) attracts attention. The watch was also produced in limited editions of 210, imitating the characteristics of Bitcoin, with the maximum issuance amount set at 21 million. At that time, the price was 25,000 dollars (about 28 million won). It was sold out during the pre-order stage, and there are people who have bought it in Korea.
Ricardo Guadalupe Hueblo, CEO, said, “Consumer interest was high and successful,” and “I think cryptocurrency is the future.” Wibloo plans to accept Bitcoin and other cryptocurrencies as payment methods in online stores starting this year.
Franck Muller’Vanguard Encrypto’
Another Swiss luxury watch brand,’Frank Muller’, recently unveiled a new product with a built-in bitcoin wallet. Not only can you see the time on your watch, you can also check your Bitcoin balance. The price is 12,000 dollars (about 13 million won). It is a limited edition of 500 and can only be paid in cryptocurrency. Franck Muller has released a similar watch in 2019, with a sequel to the rising cryptocurrency market.
The so-called’innovators’ such as PayPal, Tesla, and Square are not the only companies that have started to be interested in cryptocurrency. In the luxury fashion industry, which has a long history, unusual attempts are continuing.
According to market research firm Forrester, among luxury consumers, only 1% of luxury consumers use cryptocurrency. “Cryptocurrency is unlikely to be used as a mainstream payment method in luxury goods,” said Martha Burnett Forrester, a senior researcher.
Hankyung DB
Vogue Business recently published an article titled’Cryptocurrency Frenzy: Will luxury goods rise?’ As the cryptocurrency and non-fungible token (NFT) markets are rapidly growing, fashion brands have an opportunity to increase consumer loyalty. “He reported.
NFT is a block chain field that is getting hot attention this year. By using NFT, a separate unique value can be assigned to each digital asset. Since one coin can be distinguished from other coins, it is gaining spotlight in the content field where authenticity and proof of ownership are important. Experts explain that the use of NFT is wide as the fashion industry is also a market where’genuine or fake’ is an important market.
Vogue Business “Louis Vuitton used NFT to track product history, and Nike created digital shoes linked to real shoes.“He said, “the trend of fashion embracing the metaverse (virtual world) will continue.”
Hankyung DB
Louis Vuitton Moe Hennessy (LVMH), the world’s largest luxury goods company, is known to use blockchain for product history management. According to Forbes, close to 10 million products have been registered on the platform.
There are also online shopping malls that use cryptocurrency directly to attract’VIP customers’. Established in the U.S. in 2018,’Lolli’ returns 7.5% of the purchase amount in bitcoin when purchasing goods from 1000 affiliated brands such as Sephora, Bloomingdales, and Nike.
Researcher Burnett “There is a trend toward digitizing physical assets, and luxury brands know that if you don’t get into it, someone else will do it.”And said.
Reporter Lim Hyun-woo [email protected]